And numbers are rising, all round
“Hello, I am a high-net-worth individual”, must be a wonderful thing to say when meeting new people.
Unfortunately, this is a fairly exclusive club. Just 840,000 lucky souls can legitimately use this opening gambit as a conversation starter in the UK. Though numbers are rising.
A high-net-worth individual (HNWI) is someone who is a dollar millionaire (£660,000), not including the value of their main home.
According to a new report by New World Wealth, the combined fortune of the UK’s HNWIs is estimated at $3.5 trillion (£2.3 trillion).
Britain is now the third largest HNWI market in the world, after the US and Japan.
Of the UK’s total wealth, this elite group has a 38% share. This compares to a worldwide average of 34%, the report says.
Between 2007 and 2013 the numbers of these inordinately wealthy folk in Britain fell by 1.2% – they were apparently put off by the economic crisis and the ensuing fall in property prices.
But things are looking up for the super-rich! In the next three years, the number of HNWIs in the UK is expected to reach a million.
The largest proportion, 44.8%, of the UK HNWI gang reside in London, though Edinburgh is home to more HNWIs as a proportion of its entire population.
While 4.5% of London’s population are HNWIs (an equal to Manchester’s incidentally), 5.8% of Edinburgh’s residents are in the gang.
And the best way to get rich? Well, according to the study, 18% of British HNWIs have made their fortunes through real-estate and construction. This even trumps financial services at 15%, retail at 10% and media at 9%.